Ethereum: USD/ETH (ETH=) is trading higher and above both the 2019 and 2020 open
Ethereum’s daily Ichimoku chart certainly hints at a change in direction – but not yet a change in trend. It’s hard to believe that Ethereum was trading up +178% in June 2019 only to close 2019 for a loss ultimately, but relatively flat. Currently, Ethereum is trading higher and above both the 2019 and 2020 open. Ethereum is trading above the Tenkan-Sen and Kijun-Sen but inside a thick Cloud.
Perhaps the most bullish condition is the Chikou Span being in open space (it won’t intercept any candlesticks at its present value over the next five to ten periods). We can even see that Future Senkou Span A has just crossed above Future Senkou Span B, indicating a bullish outlook over the next twenty-six days.
There remain two more conditions on the daily chart to have an indisputable bullish trend for Ethereum: Both price and the Chikou Span above the Cloud. We may be waiting a while for that to occur though, the lowest level that the Chikou Span will need to cross this week is 166.08. That is nearly +16% above where Ethereum is currently trading (143.50).
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 179.32.
The projected lower bound is: 152.26.
The projected closing price is: 165.79.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 79.0673. This is not an overbought or oversold reading. The last signal was a sell 8 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 74.40. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 29 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 175.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 23 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed up 0.560 at 165.560. Volume was 93% below average (consolidating) and Bollinger Bands were 46% wider than normal.
Open High Low Close Volume___
165.000 167.500 164.490 165.560 4,419
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 148.80 139.98 183.32
Volatility: 78 61 73
Volume: 89,154 69,619 66,073
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX ETH= is currently 9.7% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume into ETH= (mildly bullish). Our trend forecasting oscillators are currently bullish on ETH= and have had this outlook for the last 10 periods. Our momentum oscillator is currently indicating that ETH= is currently in an overbought condition.